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Victoria Secret on hunt for new chief as CEO resigns

CEO takes leave to spend more time with family and will serve in advisory role.

February 26, 2016

High-fashion lingerie brand Victoria's Secret is looking for a new CEO following the unexpected resignation of Sharen Jester Turney who announced she was leaving last week after a decade in the leadership role.

The brand flourished under Turney's tenure with sales hitting nearly $8 billion in its most recent fiscal year, according to Fortune, which reported the resignation was due to a desire to spend more time with family.

According to the report, L Brand chief Les Wexner is expected to take the role. L Brand, under Wexner's direction, bought Victoria's Secret for $1 million in 1982. Turney worked for L Brands for 16 years and the report states she will continue to serve in an advisory role.

"While she will be missed, we support her in her choice and wish her well," Wexner stated in a statement, according to Fortune.